As a new quesiont and followup to 3/10/2012:What will be the results if the Mother and Grandchild were toask for foreclosure seeing that they cannot get the place soldand cannot provide finances to manage the property ?
Country relating to Question: United States
State (if USA): New York
a real estate agent has been engaged and cannot sell the property.
Hello and welcome,You are wondering what the results to the tenants will be if the owner requests that the rental property be foreclosed on where the lease has expired?
The property is not being rented. The Grandmother and grandchild who purchased the property 4 years ago has moved out. They rented the property for 1 year. As of today the property is vacant and a real estate agent is trying to sell but has being unsuccesful. Can the owners start Foreclosure ? and what are ramifications to the Grandmother and grandchild if a foreclosure is done ?
Thank you for the additional information.Assuming the lender reserved the right to foreclose on the property if they borrowers defaulted, they could pursue foreclosure and take ownership of the property or sell it at auction to satisfy the debt.If the home is worth less than is owed, the lenders may also pursue a deficiency judgment against the borrowers, seeking repayment of the balance of the debt owed following foreclosure.If the home is worth more than is owed on the Loan, a foreclosure would normally result in the loss of the property and damage to the borrower's credit rating, but no further action normally. They may also be entitled to receive the balance of the proceeds of the sale of the property following the sale at auction if it sells for more than is owed on the loan.
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Thank you and all the best to you,
JD, BBA Over 20 years legal and business experience.
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